Wal-Mart expands financial services with prepaid card

[Newsjock]

Source: Associated Press

Wal-Mart, furthering a lucrative push to offer financial services to its customers, will sell prepaid Visa debit cards that would allow millions of low-income shoppers who don't have bank accounts to keep up with an increasingly cashless society.

... The Federal Deposit Insurance Corp. estimates that 40 million American households are “unbanked” or “underbanked”, meaning they do not have accounts at financial institutions and often pay excessive fees for basic financial services.

... The Wal-Mart MoneyCard costs $8.95 to buy and $4.95 for monthly maintenance. Cash can be loaded on the card for free by cashing a payroll or government check at Wal-Mart or direct depositing. Otherwise it costs $4.64 to reload the card.


Read more: http://www.signonsandiego.com/news/business/20070620-13...